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CBS
Dec 31, 2012 6:00pm PST
the nation and the economy going off that so-called "fiscal cliff." the senate is close to a deal as the clock ticks toward midnight and the nation teeters on the edge of the so-called "fiscal cliff." >> let's pass the tax relief portion now. let's take what's been agreed to and get moving. >> reporter: the tentative deal would extend bush-era tax cuts for families making $450,000 a year and individuals making $400,000. it would also increase the taxes on estates worth more than $5 million and extend unemployment benefits for one year. president obama said he would have preferred a grand bargain that solved all of washington's revenue and spending problems. >> with this congress, that was obviously a little too much to hope for at this time. [ laughter ] >> it may be we can do it in stages. >> reporter: negotiations have been going on all day. lawmakers and aides moving back and forth between meeting rooms here on capitol hill on what is normally a quiet new year's eve. the major sticking upon the now is spending. the president suggested lawmakers make action on deficit reduction in
CBS
Dec 28, 2012 4:00am PST
cliff is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday that its consumer price index fell sharply in december for the second consecutive month. that's the lowest level since august. for the fifth consecutive year, individual investors have pulled their money out of the stock market. it's estimated to be about $380 billion. many are investing in bonds which are considered safer investments. wall street stocks sank for a fourth consecutive day. the dow lost 18 points. the nasdaq was off 4 points. >>> the housing market shows new signs of a rebound. they said on thursday that the sale of new homes increased by 4.5% from the month before. that's the fastest pace in two years. record low mortgage and stable job gains fueled the increase. >>> dangerously low water levels could force shipping to stop between st. louis and illinois on the mississippi river next week. the mississippi is suffering from months of severe drought. it does an estimated $7 billion of trade in february and january. >>> a potential strike by dockworkers could cos
CBS
Dec 31, 2012 5:00pm PST
draw to donate today, the downfall in the economy and the "fiscal cliff" troubles on capitol hill have people taking a closer look at their tax write-offs. >> this is the last day for tax write-offs. it's not the only reason why i donate but why not? it's a win-win for everybody. >> reporter: the donations will help fund good will's job training and placement programs to help the needy get out of poverty. in san francisco, cate caugiran, cbs 5. >>> well, if you are heading out to party tonight don't forget you can leave the driving to others. in san francisco, muni offers free rides from 8 p.m. to 6 a.m. with some lines running later than usual. in the south bay, all vta bus and light rail is free between 7 p.m. and 4 a.m. caltrain is free southbound only beginning at 11 p.m. until 2:15 a.m. bart is not free. but it will be running trains until 3 a.m. >>> and bundle up. it's going to be cold tonight. it was cold last night. and it has been wet. and the combination led to black ice forming on bay area roads. in the north bay a toyota tundra ended up on its side this morning. the dr
CBS
Dec 28, 2012 5:00am PST
have only four days to reach an agreement or the u.s. economy will go off the so- called "fiscal cliff." that's when automatic spending increases and cuts would take effect. reaching a deal won't be easy because both sides are involved in a high stakes political blame game. >> we are here in washington working while the members of the house of representatives are out watching movies and watching the kids play soccer and basketball and doing all kinds of things. they should be here. >> i told the president we would be happy to look at wah he proposes but the truth is we are coming up against a hard deadline and as i said this is a conversation we should have had months ago. >> reporter: democrats want to extend the bush-era tax cuts to everyone except those americans making $250,000 or more a year. many republicans are against any tax increases. most americans just want something to be done. >> people are just tired of partisanship and they want everyone to come together. >> reporter: if lawmakers don't reach a deal by january 1, many economists are concerned it could eventually lead to
CBS
Dec 24, 2012 4:00am PST
street and talks stalled on the fiscal cliff. the dow dropped nearly 121 points on friday while the nasdaq fell 29. >>> as americans hit the road for holiday travel, they'll be paying let at the gas pump. according to aaa, the national average is about 3.25 cents a gallon for regular. that's down 16 cents from a month ago. >>> "the hobbit:an unexpected journey," took in $27 million. coming in second, $16 million. "this is it" took in $14 million. duarte? >> thank you, erica ferrari, here in new york. >>> in sports the seahawks put a damper on the 49ers' plan of winning the midwest. they have a field goal block. it's scooped up by the seahawks richard sherman who brings it back to 90 yards for a touchdown. seattle blows out san fran, 42-13. >>> and the baltimore ravens are the champions of the afc north. the ravens get on the board first with a touchdown grab by tore are smith. baltimore passes the giants for a 33-14 win. when we return, the holiday hit a high note. audiences around the world take part at an annual sing-a-long of a classic. ♪ now i can brew my coffee just the way i
CBS
Dec 31, 2012 4:00am PST
the final day of fiscal cliff negotiations. hope of reaching a wide-ranging deal in automatic spending increases and tax cuts is all but gone. spending would be reduced and cuts would be felt in all areas of the government. economies have warned that going over the cliff would cause a spike in unemployment and trigger another recession. this morning the senate reconvenes with the aim of reaching a smaller deal, one that might spare millions of americans from paying her taxes. danielle nottingham reporting now from washington. >> lawmakers are still working on it. >> i want everyo one to know i' willing to get this done but i need dance partner. >> the main sticking point between democrats and republicans continues to be over the threshold of tax increases. president obama campaigned on raising taxes on income over $250,000 while many congressional republicans have pushed back against any tax increases. president obama is placing the blame for the impasse on the gop. >> they say that their biggest priority is making sure that we deal with the deficit in a serious way, but the way they're behaving is that their only priority is making sure that tax breaks for the wealthiest americans are protected. >> reporter: but senat
CBS
Dec 30, 2012 7:30am PST
to be a massive fiscal cliff. >> in capitol hill the gridlock that defined the year turned into a stalemate over tax hikes and spending cuts that threatened to flung the economy back into recession. president omaba and john boehner failed to reach a deal before christmas. lawmakers left for the holiday with the country on the edge of the fiscal cliff. danielle nottingham, cbs news washington. >> it was quite a year. we've going to -- we're going to have more reviews in the last hour. at 8:45 we will take a look at the international news stories of 2012. that is going to be on the cb channel 44, cable 12. >>> for the moment let's look ahead. mcathy labs expects hacking to mobile devices to expand. they might that stuff. the company is especially concerned about so-called ransom ware. it's a type of virus that locks up a phone or tablet and threatens to keep it that way until a ransom is paid. other concerns for mobile customers include trojan horse programs to buy apps without user permission and the hacking of digital wallets. a decline in attacks by hackers because their technical sophistication has grown. >> that's quite the target. >>> it's a murder that even a
CBS
Dec 27, 2012 7:00am PST
deal with unfinished fiscal cliff business. with just five days until the combination of automatic tax increases and spending cuts that could send the economy back into recession, mr. obama wants congress to take the lead in getting the job done. the senate convenes later today and senate majority leader harry reid told members to be prepared to address fiscal cliff issues through the weekend. reid is working on his own plan to get lawmakers to come together before the end of the year deadline. that plan would likely include letting the bush tax cuts expire for households making more than $250,000 a year and short term spending cuts instead of the massive long-term cuts that would happen if there is no deal. after our wednesday conference call, house republican leaders issued a statement saying they were waiting for the democratic controlled senate. the house will take this action on whatever the senate can pass they said but the senate first must act. in a sign of public frustration over the lack of a deal the coffee giant starbucks is asking employees in approximately 120 washington area cafes to write the words "come together" on cups for dri
CBS
Dec 28, 2012 6:00pm PST
deal to avoid the "fiscal cliff" of tax hikes and spending cuts that begin on january 1. the president emerged shortly after admitting no deal had been reached at least not yet. >> we had a constructive meeting today. senators reid and mcconnell are discussing a potential agreement where we can get a bipartisan bill out of the senate over to the house and done in a timely fashion. >> reporter: the senate is in session today and is expected to return on sunday along with the house. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> reporter: but time is clearly running out for congress. st. mary's college political professor steven wol fert says the senate needs to introduce something today or they will likely not make the deadline. >> the deadline is so short and the amount of time necessary to go through the procedural steps to approve legislation are so numerous that they are right up against the very limit of the minimum amount of time necessary to pass
CBS
Dec 28, 2012 6:00am PST
january 1. a new report suggests the looming "fiscal cliff" is forcing consumers to lose confidence in the nation's economy. the conference board says its consumer price index fell sharply for the second month. >>> a potential dock worker strike is possible on the east and gulf coast which threatens to cost the nation's economy billions. more than 14,000 longshoremen are ready to walk off the job sunday. a strike would shut ports from boston to houston. those ports move as much as 100 million tons of goods each year including everything from flat screen tvs, sneaker and snow shovels. >>> the housing market shows new signs of rebounding. the commerce department says sales of new homes increased by about 4.5% in november from the month before. that's the fastest pace in two years. >>> and that's your moneywatch. for more, stay with cbsmoneywatch.com. back to you. >> thank you. >>> with all the snow falling in the sierra, avalanche concerns are on the minds of many after two people died at resorts this week. cbs reporter neda iranpour asks, what's being done to keep skiers safe? >> reporter: it's one of the snowie
CBS
Dec 26, 2012 6:00am PST
washington's ability to avert the so-called "fiscal cliff." the president will cut his christmas vacation short to head back to the negotiating table. time is running out huge tax hikes and spending cuts threaten to push the economy into recession. no specifickings for how the senate and house plan to tackle the work tomorrow. >> new taxes to pay for the affordable healthcare act will take effect january 1 but the average american won' see a difference. the wealthiest 2% of americans and had healthcare industry will pay the tab mostly. >>> the standard & poor's kay schiller national index of house sales shows prices are up 4.3% in october up from 3% annual gain in september. >>> starbucks has its own plan to encourage lawmakers to reach a "fiscal cliff" compromise. the coffee giant surging employees in some of its 120 washington area shops to write the words, come together on cups of java. let's send it back to you. >> thank you. >>> looks like shoppers just weren't in the holiday spirit this year. >> holiday sales growth was the weakest since 2008. one report put the increase at 0.7%. that's far below analysts' predictions of 3 to 4%. experts blamed superstorm sandy and the looming "fiscal cliff" for disrupting shopp
CBS
Dec 28, 2012 7:00am PST
capital for a rare sunday night session. republicans expect to vote on whatever fiscal cliff bill the senate passes one day before the deadline and warnings of a recession that the rahled wall street and consumer confidence. >> they know it will have a negative impact on the economy and they know it will have a negative impact on them and their families and they are expecting us to be here to work and we're not. >> reporter: real deadlines are approaching. 2 million americans out of work for more than six months start losing their jobless benefits tomorrow and the nation runs out of borrowing authority to finance our $16 trillion debt on monday. the treasury department says it can use extraordinary measures to avert default until february extraordinary, that's a word that might apply to this entire fiscal cliff situation. >> major garrett, thank you very much. >>> republican senator bob corker of tennessee has offered proposals in recent weeks to break the stalemate in congress. senator, good morning, good to see you. >> good morning, jeff good to be with you. >> are we going over the cliff? >> well it depends on what that means. i think 98% of the people in our country can be assured that at some point over the next short period of time, their income taxes are going
Search Results 0 to 11 of about 12